In the realm of cutting-edge technology, LiDAR (Light Detection and Ranging) has emerged as a transformative force, revolutionizing the way we perceive and interact with our surroundings. LiDAR technology, predominantly used for mapping and surveying applications, has witnessed exponential growth, giving rise to a robust LiDAR Software Market.
The global LiDAR software market was valued at $335.4 million in 2022 and is anticipated to reach $1,940.2 million by 2031, witnessing a CAGR of 21.53% during the forecast period 2022-2031. The growth in the LiDAR software market is expected to be driven by an increasing focus on advanced LiDAR solutions for improvement in existing advanced driver assistance systems (ADAS) features in the automotive industry, growing demand for LiDAR solutions in surveying and mapping, and rising adoption of LiDAR solutions for streamlining construction projects.
Understanding LiDAR Technology
LiDAR technology utilizes laser light to measure distances with remarkable precision. By emitting laser pulses and measuring the time it takes for them to return after hitting an object, LiDAR systems generate highly accurate three-dimensional maps of the environment. Initially used in military and aerospace applications, LiDAR has found extensive application in industries such as autonomous vehicles, forestry, agriculture, and urban planning.
LiDAR Software Market by Application
Based on application, the construction and infrastructure segment dominated the global LiDAR software market in 2021 and is expected to continue doing so in the coming years during the forecast period. Much of this can be ascribed to the expected demand for LiDAR technologies in construction and smart infrastructure applications over the next decade. However, it is the automotive segment that is likely to grow the fastest during the forecast period, owing to the growing demand for advanced LiDAR solutions in autonomous driving applications.
LiDAR Software Industry by Technology
On the basis of technology type, the LiDAR software market has been primarily categorized into mechanical and solid state segments. The mechanical segment is likely to be the leading segment over the forecast years. Although some of the LiDAR vendors have developed solid state LiDAR solutions, most of the LiDAR solutions available in the market use either micro or macro-scale mechanical motions. But it is the solid state segment that is expected to register faster growth during the forecast period
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LiDAR Software Market by Product Type
Based on product type, the LiDAR software market has been categorized into processing software, mapping software, and simulation software. Mapping software is expected to generate the highest revenues as compared to other product types during the forecast period. The demand for processing software, however, is expected to grow the fastest, owing to the fast-growing LiDAR processing needs in emerging LiDAR applications, such as smart infrastructure and intelligent transportation systems.
On the basis of deployment type, the terrestrial segment accounted for the larger share of the LiDAR software market in 2021. Additionally, much of the demand for LiDAR software solutions is expected from the terrestrial segment during the forecast period, owing to the growing demand for LiDAR perception solutions in autonomous driving and smart city applications
The LiDAR software market is expected to witness double-digit growth in the coming years during the forecast period. Much of this demand is expected from Europe, China, and North America markets. Europe is expected to be the leading market for LiDAR software solutions, owing to the wide adoption of LiDAR solutions across various end-use verticals and the growing number of LiDAR software solution vendors in the region.
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Competitive Landscape
Major LiDAR software solution providers are undertaking a variety of strategic efforts, primarily including mergers and acquisitions and partnerships and collaborations, to gain market share.
The following are some key highlights in terms of major LiDAR software solution providers:
- Velodyne Lidar, Inc., Quanergy Systems, Inc., and LeddarTech Inc. are some leading players globally.
- Blickfeld GmbH, Terrasolid, and Innoviz Technologies, are some emerging companies.
- Outsight SA, Aeva, Inc., and Seoul Robotics are some of the key start-ups in the ecosystem.
- Product developments have been the most preferred strategies in recent years.
- Market developments, partnerships, collaborations, and joint ventures are the other strategies being implemented.
